Two major pharma deals out of Asia closed late in 2025: Harbour Biomed struck a multispecific antibody collaboration with Bristol Myers Squibb that includes roughly $90 million up front and potential milestones topping $1 billion. Separately, Jacobio Pharmaceuticals agreed to outlicense its pan‑KRAS inhibitor JAB‑23E73 to AstraZeneca in a deal valued at up to $1.915 billion. Both transactions underscore continued big‑pharma appetite for Asia‑origin assets and accelerate transfer of late‑preclinical and early‑clinical oncology programs to global development paths.